Bitcoin Leads $1.07B Liquidation Ranking as Altcoins Chase 275.6%
The derivatives leaderboard is flashing both momentum and fragility. Across major venues, Bitcoin led 24-hour liquidation losses with $624.6M, while the market recorded $1.071B in total liquidations. At the same time, MUSEBOOK jumped 275.6% in futures, showing that risk appetite remains aggressive even as leverage is being forcibly removed.
Top liquidation coins
Bitcoin is the clear number one: $554.1M of its $624.6M liquidation total came from shorts, compared with $70.5M from longs. That imbalance points to a sharp upside squeeze rather than a clean, two-sided reset, and the 27,201 liquidation count confirms how crowded the contract was.
Ethereum ranked second with $217.1M liquidated, including $176.2M in shorts and $40.9M in longs across 13,388 events. The scale is significant, but its short-heavy profile also suggests that sellers were caught leaning against the broader rally.
SOL placed third at $44.4M, with $35.6M in shorts and $8.8M in longs. XRP followed at $28.5M, where short liquidations reached $24.5M, while DOGE posted $20.6M and 6,770 liquidation events, making it more active by count than its dollar total alone suggests.
ZEC was a notable contrast at $15.1M: $8.2M in shorts versus $6.9M in longs. SUI recorded $8.9M, NEAR $8.8M, and AKE $7.8M; AKE's 6,875 events were unusually frequent relative to its dollar value. The meme-token complex also appeared repeatedly: 1000PEPE reached $7.7M, PEPE $6.0M, and HYPE $4.7M, all with shorts making up the larger side.
Top gainers and momentum
MUSEBOOK topped the 24-hour futures gainers at $0.00021159 after a 275.6% move, supported by $12.5M in volume. The percentage is exceptional, but the comparatively modest volume means the move belongs in the high-volatility tier rather than alongside the deepest markets.
DELTA gained 82.2% to $0.021309 on $840.8K volume, while KERNEL rose 44.6% to $0.06372 with $125.8M traded. AIOZ added 43.1% to $0.13103 on $12.2M, and MUBARAK advanced 38.4% to $0.04729 on $196.7M. These figures show that the rally was not limited to one thin contract.
PHA gained 38.4% to $0.054 on $655.3M volume, while 1000PEPE and PEPE climbed 31.8% and 31.8% to $0.0052738 and $0.00000527, respectively. Their $2.05B and $1.62B volumes make the meme-token rebound materially more liquid than MUSEBOOK's surge. WIF also rose 25.6% to $0.2559 with $357.4M traded, adding another high-beta name to the leaderboard.
Losers and leverage backdrop
The downside list was even more extreme at the thin end. STAMP fell 88.3% to $0.000548 on $1.2M volume, JINQIAN dropped 73.6% to $0.00087 on $1.8M, and APH declined 47.6% to $82.82 on $1.0M. ENFLAMESTOCK lost 34.7% to $37.618, while COOL fell 32.3% to $0.001388.
More liquid contracts also weakened: PTB dropped 25.0% on $221.2M volume, SCRT fell 24.3% on $9.1M, and STORJ declined 20.7% on $45.8M. This split between explosive winners and sharp losers is consistent with a rotation-heavy futures market, not a uniformly calm advance.
Market-wide open interest stands at $132.95B, average funding is 0.0% when rounded to one decimal place, and the altseason index is 62, still classified as neutral. Bitcoin's index price is $85,667.83, while the Sep 25 options max-pain level is $75,000. The immediate setup is therefore bullish in direction but vulnerable to a crowded unwind.
Verdict: The tactical bias remains upward while Bitcoin holds $85,000 and aggregate open interest stays below $132.95B after the short squeeze; a move toward the $90,000 call-heavy area is possible, but a daily break below $75,000 with open interest remaining above $132.95B would invalidate that view and signal that leverage, rather than spot demand, is driving the market. Data as of 12:05 Beijing time on Sep 22, covering Binance, OKX, Bybit and other major venues.